Sears CEO: Company ‘Must Act Immediately' to Survive

A hedge fund run by the CEO of Sears says time is running out for the struggling retailer and has proposed a restructuring plan that it says would help the chain avoid bankruptcy.
ESL Investments, owned by Eddie Lampert , who holds the top spot at Sears, is proposing the company sell off $1.75 billion in assets including $1.5 billion in real estate to reduce the company's debt to $1.24 billion, according to a filing with the Securities and Exchange Commission. (Some stores would be leased back to Sears.)
“Sears now faces significant near-term liquidity constraints,” the filing said, later...Read more ...

Sears CEO: Company ‘Must Act Immediately' to Survive

A hedge fund run by the CEO of Sears says time is running out for the struggling retailer and has proposed a restructuring plan that it says would help the chain avoid bankruptcy.
ESL Investments, owned by Eddie Lampert , who holds the top spot at Sears, is proposing the company sell off $1.75 billion in assets including $1.5 billion in real estate to reduce the company's debt to $1.24 billion, according to a filing with the Securities and Exchange Commission. (Some stores would be leased back to Sears.)
“Sears now faces significant near-term liquidity constraints,” the filing said, later...Read more ...

Sears CEO: Retailer needs to sell more real estate

NEW YORK - The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer's board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy.
ES Investment Hedge Fund said Monday that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission.
The Hoffman Estates, Illinois-based operator of Sears and Kmart has closed hundreds of stores as it burns through money amid sagging sales.
In August, the board said it was weighing an offer from...Read more ...

Edward Lampert's hedge fund, which owns big chunks of the company's shares and debt, suggests selling stores and asking lenders to take equity stakes.Read more ...

Sears' CEO is making a last-ditch effort to avoid bankruptcy

Sears is teetering on the edge of bankruptcy.
In a proposal made public on Monday, Sears CEO Eddie Lampert said he wants creditors to restructure about $1.1 billion of debt coming due in the next two years and asked Sears' board to sell $1.5 billion of real estate and divest $1.75 billion of assets.
"Sears now faces significant near‐term liquidity constraints," states a filing on the proposal.
Sears has been closing stores and selling off assets following years of crippling sales declines .
Sears is running out of cash, and its CEO is scrambling to keep the company afloat.
In a proposal...Read more ...

Sears' CEO is making a last-ditch effort to avoid bankruptcy

Sears is teetering on the edge of bankruptcy.
In a proposal made public on Monday, Sears CEO Eddie Lampert said he wants creditors to restructure about $1.1 billion of debt coming due in the next two years and asked Sears' board to sell $1.5 billion of real estate and divest $1.75 billion of assets.
"Sears now faces significant near‐term liquidity constraints," states a filing on the proposal.
Sears has been closing stores and selling off assets following years of crippling sales declines .
Sears is running out of cash, and its CEO is scrambling to keep the company afloat.
In a proposal...Read more ...